The case involves two appeals filed under Section 61 of the Insolvency and Bankruptcy Code (IBC) arising from an order dated 2023-04-20 passed by the National Company Law Tribunal (NCLT), Jaipur Bench. The NCLT terminated the Corporate Insolvency Resolution Process (CIRP) of M/s Rajasthan Land Holdings Ltd. (RLHL) and reduced the fees payable to the Resolution Professional (RP). Company Appeal No. 853 of 2023 was filed by the Operational Creditor, M/s Rajputana Constructions Pvt. Ltd. (RCPL), and Company Appeal No. 785 of 2023 was filed by the RP, both aggrieved by the NCLT's order. The CIRP was initiated based on a Section 9 petition filed by RCPL. ITNL, a related party, filed a claim of Rs 181 Cr, which was disputed, leading to litigation and delays. The Adjudicating
…M/s Rajasthan Land Holdings Ltd. (RLHL) was a wholly-owned subsidiary of M/s Road Infrastructure Development Company of Rajasthan (RIDCOR). IL&FS Transportation Networks Ltd. (ITNL) bought the shareholding of RLHL from RIDCOR in 2016, which was transferred to a subsidiary, IL&FS Company Pario Developers Pvt. Ltd. The CIRP was initiated on 2019-09-24 based on a Section 9 petition by M/s Rajputana Constructions Pvt. Ltd. (RCPL), an operational creditor with a claim of Rs 23.97 lakhs. The Committee of Creditors (CoC) comprised RCPL, M/s HI Line Buildcon Pvt. Ltd., and S. Bhandari & Co. ITNL filed a claim of Rs 181 Cr, which was treated as a related-party financial debt. The RP admitted the claim of ITNL as Financial Creditor but did not admit them into the CoC
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ITNL bought the shareholding of RLHL from…
CIRP initiated…
The case involves two appeals filed under Section 61 of the Insolvency and Bankruptcy Code (IBC) arising from an order dated 2023-04-20 passed by the National Company Law Tribunal (NCLT), Jaipur Bench. The NCLT terminated the Corporate Insolvency Resolution Process (CIRP) of M/s Rajasthan Land Holdings Ltd. (RLHL) and reduced the fees payable to the Resolution Professional (RP). Company Appeal No. 853 of 2023 was filed by the Operational Creditor, M/s Rajputana Constructions Pvt. Ltd. (RCPL), and Company Appeal No. 785 of 2023 was filed by the RP, both aggrieved by the NCLT's order. The CIRP was initiated based on a Section 9 petition filed by RCPL. ITNL, a related party, filed a claim of Rs 181 Cr, which was disputed, leading to litigation and delays. The Adjudicating
…M/s Rajasthan Land Holdings Ltd. (RLHL) was a wholly-owned subsidiary of M/s Road Infrastructure Development Company of Rajasthan (RIDCOR). IL&FS Transportation Networks Ltd. (ITNL) bought the shareholding of RLHL from RIDCOR in 2016, which was transferred to a subsidiary, IL&FS Company Pario Developers Pvt. Ltd. The CIRP was initiated on 2019-09-24 based on a Section 9 petition by M/s Rajputana Constructions Pvt. Ltd. (RCPL), an operational creditor with a claim of Rs 23.97 lakhs. The Committee of Creditors (CoC) comprised RCPL, M/s HI Line Buildcon Pvt. Ltd., and S. Bhandari & Co. ITNL filed a claim of Rs 181 Cr, which was treated as a related-party financial debt. The RP admitted the claim of ITNL as Financial Creditor but did not admit them into the CoC
…ITNL bought the shareholding of RLHL from…
CIRP initiated…